Insurance products currently available in the market may not be attractive to some costumer groups because of their relatively high cost and the lack of flexibility of some products. This occurs frequently when trying to offer insurance products to younger consumers. Some products may include the type of protection a customer is seeking, but the products may be too expensive or the customer may not be looking to purchase permanent insurance. There are some term products in the market that face similar problems and the constantly changing trends within the market may increase the difficultly of creating new insurance products to address the new needs of the market.
There is therefore a need for methods of creating new convertible term products capable of addressing the needs of constantly changing markets, directed specially to young customers.